貝克休斯 (BKR) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Baker Hughes Company Third Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們，先生們，美好的一天，歡迎來到貝克休斯公司 2022 年第三季度財報電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's conference, Mr. Jud Bailey, Vice President of Investor Relations. Sir, you may begin.

我現在想介紹一下今天會議的主持人，投資者關係副總裁 Jud Bailey 先生。先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to the Baker Hughes Third Quarter 2022 Earnings Conference Call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Brian Worrell. The earnings release we issued earlier today can be found on our website at bakerhughes.com.

謝謝你。大家早上好，歡迎參加貝克休斯 2022 年第三季度收益電話會議。和我在一起的是我們的董事長兼首席執行官 Lorenzo Simonelli；和我們的首席財務官 Brian Worrell。我們今天早些時候發布的收益報告可以在我們的網站 bakerhughes.com 上找到。

As a reminder, during the course of this conference call, we will provide forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for a discussion of the factors that could cause actual results to differ materially. As you know, reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release.

提醒一下，在本次電話會議期間，我們將提供前瞻性陳述。這些陳述不是對未來業績的保證，並且涉及許多風險和假設。請查看我們的 SEC 文件和網站，了解可能導致實際結果出現重大差異的因素的討論。如您所知，營業收入和其他公認會計原則與非公認會計原則措施的對賬可以在我們的收益發布中找到。

With that, I will turn the call over to Lorenzo.

有了這個，我會把電話轉給洛倫佐。

Thank you, Jud. Good morning, everyone, and thanks for joining us. We were generally pleased with our third quarter results with strong performance in OFS, while TPS successfully managed multiple challenges. We also saw strong orders performance with continued momentum in OFE as well as TPS.

謝謝你，賈德。大家早上好，感謝您加入我們。我們對第三季度的業績普遍感到滿意，OFS 表現強勁，而 TPS 成功應對了多項挑戰。我們還看到了強勁的訂單表現，OFE 和 TPS 的勢頭持續強勁。

As I mentioned during our second quarter earnings call, the macro outlook has grown increasingly uncertain. The global economy is dealing with the strongest inflationary pressures since the 1970s, a rising interest rate environment and sizable fluctuations in global currencies.

正如我在第二季度財報電話會議中提到的那樣，宏觀前景變得越來越不確定。全球經濟正在應對自 1970 年代以來最強勁的通脹壓力、不斷上升的利率環境以及全球貨幣的大幅波動。

Despite these economic challenges, we remain constructive on the outlook for oil and gas and believe that underlying fundamentals remain supportive of a multiyear upturn in global upstream spending. Operators around the world have shown a great deal of financial discipline, which we expect to translate into a more durable upstream spending cycle, even in the face of an unpredictable commodity price environment.

儘管存在這些經濟挑戰，但我們仍對石油和天然氣的前景持建設性態度，並相信基本面仍支持全球上游支出多年回升。世界各地的運營商都表現出極大的財務紀律，我們預計這將轉化為更持久的上游支出週期，即使面對不可預測的商品價格環境。

In the oil market, we expect continued price volatility as demand growth likely softens under the weight of higher interest rates and inflationary pressures. However, we expect supply constraints and production discipline to largely offset any demand weakness. This should support price levels that are conducive to driving double-digit upstream spending growth in 2023.

在石油市場，我們預計價格將持續波動，因為在利率上升和通脹壓力的影響下需求增長可能會放緩。然而，我們預計供應限制和生產紀律將在很大程度上抵消任何需求疲軟。這應該會支持有利於推動 2023 年兩位數上游支出增長的價格水平。

In the natural gas and LNG markets, prices remained elevated as a multitude of factors increased tensions on an already stressed global gas market. Europe's surging demand for LNG has redirected cargoes from other regions and created an exceptionally tight global market that could get even tighter in 2023. This situation has resulted in record-high LNG prices but has also slowed down switching from coal to gas in some developing countries.

在天然氣和液化天然氣市場，由於多種因素加劇了本已緊張的全球天然氣市場的緊張局勢，價格仍然居高不下。歐洲對液化天然氣的需求激增，導致貨物從其他地區轉向，並造成全球市場異常緊張，到 2023 年可能會變得更加緊張。這種情況導致液化天然氣價格創歷史新高，但也減緩了一些發展中國家從煤炭到天然氣的轉變.

We believe that significant investment is still required over the next 5 to 10 years to ensure natural gas' position as a key part of the energy transition. However, while the current price environment is attractive for new projects, this is also a pivotal time for the industry with price-related demand destruction occurring in some markets and LNG developers facing inflationary pressures and a higher cost of capital for new projects.

我們認為，未來 5 到 10 年仍需要大量投資，以確保天然氣作為能源轉型關鍵部分的地位。然而，雖然當前的價格環境對新項目具有吸引力，但這也是行業的關鍵時期，部分市場出現與價格相關的需求破壞，液化天然氣開發商面臨通脹壓力和新項目的更高資本成本。

As a result, we believe the landscape may be shifting in favor of established LNG players with the scale, diversity and financial strength to navigate the risks and uncertainties. Those with brownfield projects and projects that utilize faster-to-market modular designs may be particularly advantaged in the coming years.

因此，我們認為形勢可能正在轉向有利於具有規模、多樣性和財務實力的成熟液化天然氣企業來應對風險和不確定性。那些擁有棕地項目和利用更快上市的模塊化設計的項目在未來幾年可能會特別有利。

On the new energy front, recent policy movements in Europe and the United States are likely to help support a significant increase in clean energy development. In the U.S., the Inflation Reduction Act should be particularly impactful in accelerating the development of green hydrogen, CCUS and direct air capture.

在新能源方面，歐洲和美國最近的政策變動可能有助於支持清潔能源發展的顯著增長。在美國，《降低通貨膨脹法》在加速綠色氫、CCUS 和直接空氣捕獲方面的發展應該特別有影響力。

While we have not changed our expectations for the ultimate addressable market sizes in these areas, the attractive tax incentives could accelerate development ahead of previously expected forecast. We also believe that the bill will create favorable economic conditions for our portfolio of new energy investments.

雖然我們沒有改變我們對這些領域最終可尋址市場規模的預期，但有吸引力的稅收激勵措施可能會在之前預期的預測之前加速發展。我們也相信該法案將為我們的新能源投資組合創造有利的經濟條件。

Given the dynamic macro backdrop, Baker Hughes is focused on preparing for a range of scenarios and executing on what is within our control. Last month, we announced the restructuring and resegmentation of the company into 2 reporting segments: OFSE and IET. This resegmentation will simplify and streamline our organizational structure with at least $150 million of cost out and a 25% reduction in the executive management team.

鑑於動態的宏觀背景，貝克休斯專注於為一系列場景做準備並在我們控制範圍內執行。上個月，我們宣布將公司重組和重新劃分為 2 個報告部門：OFSE 和 IET。這種重新劃分將簡化和精簡我們的組織結構，至少節省 1.5 億美元的成本，並減少 25% 的執行管理團隊。

These changes will sharpen our focus, improve operational execution and better position Baker Hughes to capitalize on the quickly changing energy markets. This new structure will elevate new leadership while also creating better flexibility and economies of scale across the 2 business segments.

這些變化將加強我們的重點，提高運營執行力，並使貝克休斯更好地利用瞬息萬變的能源市場。這種新結構將提升新的領導力，同時在兩個業務部門創造更好的靈活性和規模經濟。

Importantly, we expect these changes to increase shareholder value and improve the long-term optionality and growth opportunities for Baker Hughes, as our markets and customers continue to evolve. In parallel, we continue to invest in Baker Hughes portfolio through early-stage new energy investments and tuck-in M&A.

重要的是，隨著我們的市場和客戶不斷發展，我們預計這些變化將增加股東價值並改善貝克休斯的長期選擇性和增長機會。與此同時，我們繼續通過早期新能源投資和併購來投資貝克休斯的投資組合。

In addition to the investments in early-stage technologies like Mosaic, NET Power and HIF Global earlier this year, we announced several strategic acquisitions in the third quarter that will complement our current portfolio and enhance our strategic position. Perhaps the most notable is the recent acquisition of the Power Generation division of BRUSH Group, which positions us well to participate more directly in electrification.

除了今年早些時候對 Mosaic、NET Power 和 HIF Global 等早期技術的投資外，我們還在第三季度宣布了幾項戰略收購，這將補充我們目前的投資組合併增強我們的戰略地位。也許最值得注意的是最近收購了 BRUSH 集團的發電部門，這使我們能夠更直接地參與電氣化。

Other transactions also include the acquisitions of Quest Integrity and AccessESP, which enhance our inspection capabilities and broadens our ESP technology portfolio.

其他交易還包括收購 Quest Integrity 和 AccessESP，這增強了我們的檢測能力並擴大了我們的 ESP 技術組合。

Now I'll give you an update on each of our segments. In Oilfield Services, we remain optimistic on the outlook for the sector with growth trends now clearly shifting more in favor of the international markets. The team continues to execute well as they capture net pricing increases and supply chain pressures gradually moderate.

現在，我將向您介紹我們每個細分市場的最新情況。在油田服務方面，我們對該行業的前景保持樂觀，其增長趨勢現在明顯轉向有利於國際市場。隨著淨價格上漲和供應鏈壓力逐漸緩和，該團隊繼續執行良好。

Internationally, growth continues to be led by Latin America, West Africa and the Middle East. In all of these markets, offshore activity is noticeably strengthening, while our drilling services and completions business are well positioned to win. In Latin America, Brazil offers the best combination of visibility and growth in the region, while Mexico and Guyana are also improving.

在國際上，拉丁美洲、西非和中東繼續引領增長。在所有這些市場中，海上活動都在顯著加強，而我們的鑽井服務和完井業務則處於有利地位。在拉丁美洲，巴西提供了該地區知名度和增長的最佳組合，而墨西哥和圭亞那也在改善。

Similarly, in West Africa, we are seeing offshore projects move forward in multiple countries in the region. In the Middle East, Saudi Arabia and UAE are exhibiting the best near-term growth that is expected to continue into 2023 and beyond. Looking ahead, we expect continued growth through the end of this year and double-digit international growth in 2023.

同樣，在西非，我們看到該地區多個國家的海上項目正在推進。在中東，沙特阿拉伯和阿聯酋的近期增長最快，預計將持續到 2023 年及以後。展望未來，我們預計到今年年底將繼續增長，並在 2023 年實現兩位數的國際增長。

In North America, pricing across our portfolio remains firm while drilling and completion activity are beginning to level off after significant growth over the last 2 years. Although the U.S. market will be more dynamic and dependent on oil prices, we generally expect solid activity levels through the end of this year, with an opportunity for modest growth in 2023 driven by public operators.

在北美，我們投資組合的定價保持堅挺，而鑽井和完井活動在過去 2 年顯著增長後開始趨於平穩。儘管美國市場將更加活躍並依賴於油價，但我們普遍預計到今年年底活動水平將保持穩定，2023 年有機會在公共運營商的推動下實現適度增長。

Operationally, our OFS business is executing well and remains on track to achieve our target of 20% EBITDA in the fourth quarter of 2022. Over the course of the year, we have generated solid margin improvement across multiple product lines, including drilling services, completions, artificial lift and wireline.

在運營方面，我們的 OFS 業務執行良好，並有望在 2022 年第四季度實現 20% EBITDA 的目標。在這一年中，我們在多個產品線（包括鑽井服務、完井服務）上實現了穩健的利潤率提升、人工升降機和電纜。

Importantly, a key driver of margin enhancement has been the continued improvement in our production chemicals business. After several difficult quarters impacted by supply chain and inflation, chemicals has now generated sequential margin rate improvement for 2 consecutive quarters. Although margin rates are not yet back to prior levels, we have a line of sight to further increases and expect to be at more normalized levels in 2023.

重要的是，提高利潤率的一個關鍵驅動因素是我們生產化學品業務的持續改善。在經歷了幾個受供應鍊和通貨膨脹影響的艱難季度之後，化學品現在已經連續兩個季度產生了連續的利潤率改善。儘管保證金率尚未恢復到之前的水平，但我們預計會進一步提高，並預計到 2023 年將處於更加正常化的水平。

Moving to TPS. The third quarter represented another solid performance in orders. We remain on track to generate $8 billion to $9 billion in orders in 2022 and in 2023. Operationally, TPS navigated several challenges and delivered solid results despite further pressure on the euro and continued market pressure on TPS services. The primary growth driver for TPS continues to be LNG, where multiple projects are expected to move forward for FID in 2022 and 2023.

轉移到 TPS。第三季度是訂單的又一穩健表現。我們仍有望在 2022 年和 2023 年產生 80 億至 90 億美元的訂單。在運營方面，儘管歐元面臨進一步壓力，TPS 服務面臨持續市場壓力，但 TPS 克服了多項挑戰並取得了穩健的業績。 TPS 的主要增長動力仍然是液化天然氣，預計 2022 年和 2023 年將有多個項目為 FID 推進。

Although inflationary pressures and rising interest costs have slowed progress on some projects, we remain comfortable with our expectation of 100 to 150 MTPA reaching FID by the end of 2023, including the 31 MTPA that has reached FID year-to-date.

儘管通脹壓力和不斷上升的利息成本減緩了一些項目的進展，但我們仍然對到 2023 年底達到 FID 的 100 至 150 MTPA 的預期感到滿意，其中包括年初至今已達到 FID 的 31 MTPA。

During the quarter, we were pleased to be awarded another order by New Fortress Energy to support their Fast LNG facilities project. NFE will deploy Baker Hughes' technology for various offshore projects across the globe. This represents the third order we have booked with New Fortress since the second quarter of 2021, and we have now received 7 MTPA of Fast LNG orders. Additionally, we were awarded an order to deliver power generation equipment for a major LNG project in North America.

在本季度，我們很高興獲得 New Fortress Energy 的另一份訂單，以支持他們的 Fast LNG 設施項目。 NFE 將為全球各種海上項目部署貝克休斯的技術。這是自 2021 年第二季度以來我們與 New Fortress 簽訂的第三個訂單，我們現在已收到 7 MTPA 的 Fast LNG 訂單。此外，我們還獲得了為北美一個大型液化天然氣項目提供發電設備的訂單。

During the quarter, we were also pleased to announce a new service contract for the maintenance and monitoring of turbomachinery equipment operations at ENI-led Coral FLNG, which is the first deepwater floating LNG facility operating off the coast of Mozambique.

在本季度，我們還高興地宣布了一項新的服務合同，用於維護和監控 ENI 領導的 Coral FLNG 的渦輪機械設備操作，這是在莫桑比克海岸運營的第一個深水浮式 LNG 設施。

This new service agreement builds on an existing Coral FLNG contract awarded to Baker Hughes in 2017. As part of the scope, Baker Hughes will fully leverage its growing digital capabilities by providing remote monitoring and diagnostic services as well as a suite of other services based on Bently Nevada's System 1 technology.

這項新的服務協議建立在 2017 年授予貝克休斯的現有 Coral FLNG 合同的基礎上。作為範圍的一部分，貝克休斯將通過提供遠程監控和診斷服務以及一系列其他服務來充分利用其不斷增長的數字能力本特利內華達州的 System 1 技術。

Outside of LNG, TPS received an additional award to supply 12 electric motor-driven compressors to support gas processing for Saudi Aramco's Jafurah unconventional gas project. This order follows a similar award last quarter, bringing the total to 26 compressor trains supplied to the Jafurah project.

除了液化天然氣，TPS 還獲得了一項額外的獎勵，即供應 12 台電動機驅動的壓縮機，以支持沙特阿美公司的 Jafurah 非常規天然氣項目的天然氣加工。該訂單是在上個季度獲得類似訂單之後，使供應給 Jafurah 項目的壓縮機組總數達到 26 台。

We also continued to grow our collaboration with Air Products, securing contracts to supply advanced High Pressure Ratio Compressor technology for the net-zero hydrogen energy complex in Edmonton, Alberta and a steam turbine generator for the green ammonia process at the NEOM green hydrogen project in Saudi Arabia. With these awards from Air Products, our new energy orders so far this year total over $170 million. We still expect new energy orders for 2022 to be around $200 million.

我們還繼續加強與空氣產品公司的合作，簽訂合同，為阿爾伯塔省埃德蒙頓的淨零氫能綜合體提供先進的高壓比壓縮機技術，並為 NEOM 綠色氫項目的綠色氨工藝提供蒸汽渦輪發電機。沙特阿拉伯。憑藉空氣產品公司的這些獎項，我們今年迄今為止的新能源訂單總額超過 1.7 億美元。我們仍然預計 2022 年的新能源訂單將在 2 億美元左右。

Next, on Oilfield Equipment. Growth in the subsea and offshore markets continues to trend positively and should maintain solid order momentum over the next couple of years. OFE saw another record orders quarter in the Flexibles business with over $1 billion in orders year-to-date. The Flexibles team continued winning in Brazil as well as in China, retaining incumbency with key customers.

接下來，關於油田設備。海底和近海市場的增長繼續呈積極趨勢，並應在未來幾年保持穩健的訂單勢頭。 OFE 在柔性業務的一個季度創下了新的訂單記錄，今年迄今的訂單超過 10 億美元。 Flexibles 團隊繼續在巴西和中國取得成功，並在主要客戶中保持在位。

Despite these positive order trends, we remain disappointed with the underlying profitability for OFE. As we highlighted in our strategy update last month, we have announced several actions to rectify these issues, including an initial $60 million in cost savings from removing management layers and integrating multiple functions and capabilities with OFS.

儘管有這些積極的訂單趨勢，我們仍然對 OFE 的潛在盈利能力感到失望。正如我們在上個月的戰略更新中強調的那樣，我們已經宣布了幾項糾正這些問題的行動，包括通過移除管理層以及將多種功能和能力與 OFS 集成來節省 6000 萬美元的初始成本。

Beyond the cost-out program, we expect to drive further margin improvement by rightsizing OFE's facilities footprint, addressing supply chain deficiencies and leveraging the shared engineering resources across the border of OFSE organization. As a part of this process, we are well into the wholesale reassessment of the subsea equipment business, which will drive out costs and determine the appropriate size and scale for this business.

除了成本支出計劃之外，我們還希望通過調整 OFE 的設施足跡、解決供應鏈缺陷和利用 OFSE 組織邊界的共享工程資源來進一步提高利潤率。作為這一過程的一部分，我們正在全面重新評估海底設備業務，這將降低成本並確定該業務的適當規模和規模。

We have already identified multiple facility rationalization opportunities and feel increasingly confident about the ability to improve profitability in this business. We expect to provide an update on the strategic review of SPS in the first half of 2023.

我們已經確定了多個設施合理化機會，並且對提高該業務盈利能力的能力越來越有信心。我們預計將在 2023 年上半年提供有關 SPS 戰略審查的最新信息。

Finally, in Digital Solutions, order activity remained resilient in the third quarter, but the operating environment continues to be challenged by the ongoing disruption to supply chains for chips and electrical components. During the quarter, Bently Nevada secured a multiyear SaaS agreement, expanding its existing scope to deliver plant-wide software across a customer's entire installed base in Europe.

最後，在數字解決方案方面，第三季度的訂單活動保持彈性，但運營環境繼續受到芯片和電子元件供應鏈持續中斷的挑戰。在本季度，Bently Nevada 獲得了一項多年期 SaaS 協議，擴大了其現有範圍，為客戶在歐洲的整個安裝基地提供全廠範圍的軟件。

The solution brings together System 1 cloud-based software advanced analytics powered by Augury as well as services and enterprise training. This project marks the first award with the Augury alliance and demonstrates the potential to drive growth through differentiated digital and hardware offerings.

該解決方案結合了由 Augury 提供支持的基於雲的 System 1 軟件高級分析以及服務和企業培訓。該項目標誌著 Augury 聯盟的第一個獎項，並展示了通過差異化數字和硬件產品推動增長的潛力。

On the operational side, while we have seen some improvement in availability of chips, timing of delivery and the size of allocation remains uncertain, which is restricting our team's ability to effectively and efficiently execute on backlog. For the aspects we control, the team has acted, moving to qualify additional suppliers as well as redesigning circuit boards to utilize more standardized chips.

在運營方面，雖然我們看到芯片可用性有所改善，但交付時間和分配規模仍然不確定，這限制了我們團隊有效和高效地執行積壓工作的能力。對於我們控制的方面，該團隊已採取行動，開始對其他供應商進行認證，並重新設計電路板以使用更標準化的芯片。

Beyond addressing the supply chain issues, we also recently announced the combination of the DS portfolio with TPS to create industrial and energy technology. We are in the early stages of removing functional layers and integrating the portfolio with TPS, which we expect to generate initial cost savings of at least $50 million by the end of 2023.

除了解決供應鏈問題，我們最近還宣布將 DS 產品組合與 TPS 相結合，以創造工業和能源技術。我們正處於移除功能層並將產品組合與 TPS 集成的早期階段，我們預計到 2023 年底將產生至少 5000 萬美元的初始成本節省。

We expect significant commercial and technological benefits from closer integration and believe that IET will be uniquely positioned to enable more reliable, efficient and lower carbon solutions across the energy and industrial complex. 2022 has presented some unique challenges for Baker Hughes and driven several important decisions to better position the company for an evolving energy landscape.

我們預計更緊密的整合將帶來顯著的商業和技術收益，並相信 IET 將具有獨特的優勢，可以在能源和工業綜合體中實現更可靠、更高效和更低碳的解決方案。 2022 年為貝克休斯帶來了一些獨特的挑戰，並推動了多項重要決策，以更好地定位公司以應對不斷變化的能源格局。

As we head towards 2023, while we are preparing for a volatile environment, we are confident that we can navigate these challenges with the support from our recent corporate actions and our world-class team. We are intently focused on improving our operational execution, capitalizing on the multiyear upstream spending cycle and the unfolding wave of LNG FIDs.

邁向 2023 年，在為動蕩的環境做準備的同時，我們有信心在近期的企業行動和世界級團隊的支持下應對這些挑戰。我們專注於改善我們的運營執行，利用多年的上游支出週期和正在展開的液化天然氣 FID 浪潮。

Before I turn the call over to Brian, I'd like to make an announcement about our executive leadership team. After many years with the company and 6 years as our CFO, Brian Worrell will be leaving Baker Hughes in 2023.

在我把電話轉給布賴恩之前，我想宣布一下我們的執行領導團隊。在公司工作多年並擔任我們的首席財務官 6 年後，Brian Worrell 將於 2023 年離開貝克休斯。

Brian has not only been our CFO but also a key leader driving our strategy as well as our separation from GE. I would like to thank Brian for the instrumental role he has played in the formation and transformation of Baker Hughes.

Brian 不僅是我們的首席財務官，而且還是推動我們的戰略以及我們與 GE 分離的關鍵領導者。我要感謝布賴恩在貝克休斯的形成和轉型中發揮的重要作用。

Replacing Brian effective November 2, will be Nancy Buese, who has over 15 years of public CFO experience in the mining and energy sectors and more than 30 years of finance and accounting experience. We believe that Nancy's experience in multiple sectors will be instrumental as we continue to transform all aspects of Baker Hughes and increase shareholder value.

從 11 月 2 日起接替 Brian 的將是 Nancy Buese，他在採礦和能源領域擁有超過 15 年的公共 CFO 經驗以及超過 30 年的財務和會計經驗。我們相信南希在多個領域的經驗將有助於我們繼續改變貝克休斯的各個方面並增加股東價值。

With that, I'll turn the call over to Brian.

有了這個，我會把電話轉給布賴恩。

Thanks, Lorenzo. I'll begin with the total company results and then move into the segment details. Orders for the quarter were $6.1 billion, up 3% sequentially driven by OFE and OFS, partially offset by a decrease in Digital Solutions and TPS. Year-over-year, orders were up 13% driven by increases across all 4 segments. We are pleased with the orders performance in the quarter following strong orders in the first half of the year.

謝謝，洛倫佐。我將從公司的總體業績開始，然後進入細分細節。本季度訂單為 61 億美元，在 OFE 和 OFS 的推動下環比增長 3%，部分被數字解決方案和 TPS 的下降所抵消。由於所有 4 個細分市場的增長，訂單同比增長 13%。在上半年訂單強勁之後，我們對本季度的訂單表現感到滿意。

Remaining performance obligation was $24.7 billion, up 1% sequentially. Equipment RPO ended at $9.1 billion, up 3% sequentially. And services RPO ended at $15.6 billion, flat sequentially.

剩餘履約義務為 247 億美元，環比增長 1%。設備 RPO 為 91 億美元，環比增長 3%。服務 RPO 以 156 億美元結束，環比持平。

Our total company book-to-bill ratio in the quarter was 1.1, and our equipment book-to-bill in the quarter was 1.3. Revenue for the quarter was $5.4 billion, up 6% sequentially driven by increases across all segments. Year-over-year, revenue was up 5% driven by OFS and Digital Solutions, partially offset by lower volumes in TPS and OFE.

我們本季度的總公司訂單出貨比為 1.1，本季度我們的設備訂單出貨比為 1.3。本季度收入為 54 億美元，在所有細分市場增長的推動下環比增長 6%。在 OFS 和數字解決方案的推動下，收入同比增長 5%，部分被 TPS 和 OFE 的銷量下降所抵消。

Operating income for the quarter was $269 million. Adjusted operating income was $503 million, which excludes $235 million of restructuring, impairment, separation and other charges. The restructuring charges in the third quarter were primarily driven by cost reduction projects for the recently announced reorganization as well as global footprint optimization in our OFS and OFE businesses.

本季度的營業收入為 2.69 億美元。調整後的營業收入為 5.03 億美元，其中不包括 2.35 億美元的重組、減值、離職和其他費用。第三季度的重組費用主要是由於最近宣布的重組成本降低項目以及我們的 OFS 和 OFE 業務的全球足跡優化。

Adjusted operating income was up 34% sequentially and up 25% year-over-year. Our adjusted operating income rate for the quarter was 9.4%, up 190 basis points sequentially. Year-over-year, our adjusted operating income rate was up 150 basis points.

調整後的營業收入環比增長 34%，同比增長 25%。我們本季度調整後的營業利潤率為 9.4%，環比增長 190 個基點。與去年同期相比，我們調整後的營業利潤率上升了 150 個基點。

Adjusted EBITDA in the quarter was $758 million, up 16% sequentially and up 14% year-over-year. Adjusted EBITDA rate was 14.1%, up 120 basis points sequentially and up 110 basis points year-over-year.

本季度調整後的 EBITDA 為 7.58 億美元，環比增長 16%，同比增長 14%。調整後的 EBITDA 率為 14.1%，環比上升 120 個基點，同比上升 110 個基點。

Corporate costs were $103 million in the quarter. For the fourth quarter, we expect corporate costs to be flat compared to third quarter levels.

本季度企業成本為 1.03 億美元。對於第四季度，我們預計企業成本將與第三季度持平。

Depreciation and amortization expense was $254 million in the quarter. For the fourth quarter, we expect D&A to increase slightly from third quarter levels.

本季度折舊和攤銷費用為 2.54 億美元。對於第四季度，我們預計 D&A 將比第三季度略有增加。

Net interest expense was $65 million. Income tax expense in the quarter was $153 million. GAAP loss per share was $0.02. Included in GAAP diluted loss per share was a $50 million loss from the net change in fair value of our investment in C3 AI, which is recorded in other nonoperating loss. Adjusted earnings per share was $0.26.

淨利息支出為 6500 萬美元。本季度的所得稅費用為 1.53 億美元。 GAAP每股虧損為0.02美元。 GAAP 攤薄每股虧損包括我們對 C3 AI 投資的公允價值淨變化造成的 5000 萬美元損失，該損失記錄在其他非經營性虧損中。調整後每股收益為 0.26 美元。

Turning to the cash flow statement. Free cash flow in the quarter was $417 million. For the fourth quarter, we expect free cash flow to improve sequentially, primarily driven by higher earnings and seasonality.

轉向現金流量表。本季度的自由現金流為 4.17 億美元。對於第四季度，我們預計自由現金流將環比改善，主要是由於較高的收益和季節性因素。

As we highlighted in the second quarter, we still expect free cash flow conversion from adjusted EBITDA to be below 50% for the year. In the third quarter, we continued to execute on our share repurchase program, repurchasing 10.7 million Baker Hughes Class A shares for $265 million at an average price of $24.79 per share.

正如我們在第二季度強調的那樣，我們仍然預計今年調整後 EBITDA 的自由現金流轉換率將低於 50%。第三季度，我們繼續執行股票回購計劃，以每股 24.79 美元的平均價格，以 2.65 億美元的價格回購了 1070 萬股貝克休斯 A 類股票。

Before I go into the segment results, I would like to remind everyone that we will be changing our reporting structure in the fourth quarter to the 2 business segments, OFSE and IET, which went into effect on October 1. Although we will go from 4 reporting segments to 2, our aim is to provide more transparency across the different businesses.

在我進入分部業績之前，我想提醒大家，我們將在第四季度將報告結構更改為 2 個業務部門，OFSE 和 IET，這兩個業務部門於 10 月 1 日生效。雖然我們將從 4報告細分到 2，我們的目標是在不同的業務中提供更高的透明度。

Going forward, we will be reporting total OFSE revenue, operating income and EBITDA. We will also provide Tier 2 revenue disclosures across the 4 business lines of well construction, completions intervention and measurements, production solutions and subsea and surface pressure systems.

展望未來，我們將報告 OFSE 總收入、營業收入和 EBITDA。我們還將在鑽井建設、完井干預和測量、生產解決方案以及海底和地面壓力系統這 4 條業務線中提供二級收入披露。

We will provide a geographic breakout of OFSE revenue into 4 regions: North America; Latin America; Middle East, Asia; and Europe, CIS, Sub-Saharan Africa. We will be reporting total IET revenue, operating income and EBITDA. We will also provide Tier 2 revenue disclosure across the 6 business lines of gas tech equipment, gas tech services, condition monitoring, inspection, industrial pumps, valves and gears and other. During the fourth quarter, we will provide 3 years of restated historical financials in this format.

我們將提供 OFSE 收入的地理分佈，分為 4 個區域：北美；拉丁美洲;中東、亞洲；歐洲、獨聯體、撒哈拉以南非洲。我們將報告 IET 總收入、營業收入和 EBITDA。我們還將在燃氣技術設備、燃氣技術服務、狀態監測、檢查、工業泵、閥門和齒輪等 6 條業務線中提供二級收入披露。在第四季度，我們將以這種格式提供 3 年的重述歷史財務數據。

Now I will walk you through the segment results in more detail and give you our thoughts on the outlook going forward. Starting with Oilfield Services. Revenue in the quarter was $2.8 billion, up 6% sequentially. International revenue was up 4% sequentially, led by increases in the Middle East, Asia Pacific and Latin America, partially offset by lower revenues in Russia Caspian and Europe. North America revenue increased 10% sequentially with low double-digit growth in North America land.

現在，我將向您詳細介紹細分結果，並為您提供我們對未來前景的看法。從油田服務開始。本季度收入為 28 億美元，環比增長 6%。在中東、亞太地區和拉丁美洲的增長帶動下，國際收入環比增長 4%，部分被俄羅斯里海和歐洲的收入下降所抵消。北美收入環比增長 10%，北美土地的兩位數增長較低。

Operating income in the quarter was $330 million, up 27% sequentially. Operating margin rate was 11.6%, with margins increasing 190 basis points sequentially.

本季度營業收入為 3.3 億美元，環比增長 27%。營業利潤率為 11.6%，利潤率環比增長 190 個基點。

Year-over-year, margins were up 380 basis points. The higher margin rate was primarily driven by increased pricing and higher volumes, partially offset by cost inflation.

與去年同期相比，利潤率上升了 380 個基點。較高的利潤率主要是由於價格上漲和銷量增加，部分被成本上漲所抵消。

As we look ahead to the fourth quarter, underlying fundamentals continue to improve with strong growth prospects internationally but with North America activity leveling off. For the fourth quarter, we expect a solid sequential increase in OFS revenue and still expect EBITDA margin rates between 19% and 20%, depending on timing of completing the sale of our Russia business.

展望第四季度，基本面繼續改善，國際增長前景強勁，但北美活動趨於平穩。對於第四季度，我們預計 OFS 收入將連續穩健增長，並且仍預計 EBITDA 利潤率在 19% 至 20% 之間，具體取決於完成俄羅斯業務出售的時間。

Although it is still early, I would like to give you some initial thoughts on how we see the OFS market in 2023. In the international market, we expect continued broad market growth spread across virtually all geographic regions.

雖然現在還為時過早，但我想就我們如何看待 2023 年的 OFS 市場向您提供一些初步想法。在國際市場上，我們預計市場將持續廣泛增長，幾乎遍及所有地理區域。

Overall, we believe that total international D&C spending is likely to increase in the low to mid-double digits on a year-over-year basis. While global macro risk could negatively impact oil prices and, therefore, activity in some areas, we would expect the longer cycle nature of international spending to still drive double-digit growth in most scenarios.

總體而言，我們認為國際 D&C 總支出可能會同比增長低至中兩位數。儘管全球宏觀風險可能對油價產生負面影響，從而對某些領域的活動產生負面影響，但我們預計，在大多數情況下，國際支出的較長周期性質仍將推動兩位數的增長。

In North America, there's far less visibility, and market dynamics will be more dependent on oil prices. That being said, we expect public operators to modestly add to their 2022 exit rate while private operators could modestly decrease or increase activity depending on a number of factors. As a result, we believe this type of activity level will translate into North America D&C spending growth in the mid- to high double digits in 2023.

在北美，能見度要低得多，市場動態將更多地依賴於油價。話雖如此，我們預計公共運營商將適度增加其 2022 年的退出率，而私營運營商可能會根據多種因素適度減少或增加活動。因此，我們認為這種類型的活動水平將轉化為 2023 年北美中高兩位數的 D&C 支出增長。

With this type of macro backdrop, we would expect to generate solid double-digit revenue growth in OFS in 2023. EBITDA margin rate for the full year should be in line with and potentially higher than the OFS fourth quarter 2022 exit margin rate.

在這種宏觀背景下，我們預計 2023 年 OFS 的收入將實現兩位數的穩健增長。全年的 EBITDA 利潤率應與 OFS 2022 年第四季度的退出利潤率持平並可能更高。

Moving to Oilfield Equipment. Orders for the quarter were $874 million, up 21% year-over-year, driven by a strong increase in Flexibles as well as SPC and services, partially offset by a decrease in SPS and the removal of subsea drilling systems from consolidated results.

轉向油田設備。本季度的訂單為 8.74 億美元，同比增長 21%，這主要得益於柔性材料以及 SPC 和服務的強勁增長，部分被 SPS 的下降和從綜合結果中去除海底鑽井系統所抵消。

Revenue was $561 million, down 7% year-over-year primarily driven by SPS and the removal of SDS, partially offset by growth in Flexibles, SPC and services. Operating loss was $6 million, down $20 million year-over-year, primarily driven by lower volumes from SPS in the quarter and the removal of SDS.

收入為 5.61 億美元，同比下降 7%，主要受 SPS 和取消 SDS 的推動，部分被柔性、SPC 和服務的增長所抵消。營業虧損為 600 萬美元，同比減少 2000 萬美元，主要是由於本季度 SPS 的銷量下降和 SDS 的取消。

OFE's lower operating margin rate was primarily driven by lower volume, cost inflation and lower cost productivity. For the fourth quarter, we expect revenue to be flat to slightly higher sequentially, with operating income still below breakeven due to cost underabsorption following the suspension of recent contracts.

OFE 較低的營業利潤率主要是由於銷量下降、成本膨脹和成本生產率下降。對於第四季度，我們預計收入環比持平或略高，由於近期合同暫停後成本吸收不足，營業收入仍低於盈虧平衡。

Looking ahead to 2023, we expect continued recovery offshore as activity in several basins is set to further strengthen. We expect mid- to high single-digit growth in OFE revenue driven by backlog conversion and growth in subsea services. We expect operating income for the year to be around breakeven with any potential upside driven by the timing of our cost-out and restructuring efforts.

展望 2023 年，隨著幾個盆地的活動將進一步加強，我們預計海上將繼續復甦。我們預計，受積壓轉換和海底服務增長的推動，OFE 收入將實現中高個位數增長。我們預計今年的營業收入將在盈虧平衡附近，任何潛在的上行空間都受到我們的成本支出和重組努力的推動。

Next, I will cover Turbomachinery. Orders in the quarter were $1.8 billion, up 5% year-over-year. Equipment orders were up 13% year-over-year supported by liquefaction equipment awards for NFE and an award for power generation equipment for a major LNG project in North America.

接下來，我將介紹渦輪機械。本季度訂單為 18 億美元，同比增長 5%。設備訂單同比增長 13%，這得益於 NFE 的液化設備獎和北美大型液化天然氣項目的發電設備獎。

Service orders in the quarter were down 1% year-over-year driven by lower contractual services orders, partially offset by an increase in upgrades. Revenue for the quarter was $1.4 billion, down 8% versus the prior year.

由於合同服務訂單減少，本季度服務訂單同比下降 1%，部分被升級增加所抵消。本季度收入為 14 億美元，與去年同期相比下降 8%。

Equipment revenue was down 17% driven by lower backlog conversion and foreign currency movements. Services revenue was flat year-over-year, primarily driven by increases in transactional services and upgrades, offset by a decrease in contractual services and foreign currency movements.

設備收入下降了 17%，原因是積壓轉換率下降和外匯變動。服務收入與去年同期持平，主要是由於交易服務和升級的增加，但被合同服務和外匯變動的減少所抵消。

Operating income for TPS was $262 million, down 6% year-over-year. Operating margin rate was 18.2%, up 40 basis points year-over-year driven by favorable services mix and productivity on equipment contracts, partially offset by cost inflation.

TPS 的營業收入為 2.62 億美元，同比下降 6%。營業利潤率為 18.2%，在有利的服務組合和設備合同生產率的推動下同比增長 40 個基點，部分被成本上漲所抵消。

For the fourth quarter, we expect another strong orders quarter and still expect TPS orders in 2022 to be in the $8 billion to $9 billion range. We expect a double-digit increase in TPS revenue in the fourth quarter on a year-over-year basis driven by higher equipment volume from planned backlog conversion.

對於第四季度，我們預計將是另一個強勁的季度訂單，並且仍預計 2022 年的 TPS 訂單將在 80 億美元至 90 億美元之間。我們預計第四季度 TPS 收入將同比增長兩位數，這是由於計劃積壓轉換帶來的設備數量增加。

With this revenue outlook, we expect TPS margin rates to be moderately lower on a year-over-year basis due to a higher equipment mix compared to the fourth quarter of 2021.

有了這種收入前景，我們預計由於與 2021 年第四季度相比更高的設備組合，TPS 利潤率將同比適度降低。

Looking into 2023, we expect continued strength in TPS orders in the $8 billion to $9 billion range supported by LNG and onshore/offshore production. We expect TPS revenue to grow in the low 20% range in 2023 driven primarily by equipment backlog conversion. However, similar to this year, revenue growth will also be impacted by any project movements in backlog as well as foreign currency movements.

展望 2023 年，我們預計在 LNG 和陸上/海上生產的支持下，TPS 訂單將持續強勁，在 80 億至 90 億美元之間。我們預計 2023 年 TPS 收入將在 20% 的較低範圍內增長，主要受設備積壓轉換的推動。然而，與今年類似，收入增長也將受到任何積壓項目變動以及外匯變動的影響。

On the margin side, we expect operating income margin rate to decline modestly in 2023 due to higher equipment mix as well as a step-up in R&D spending in our CTS and IAM growth areas to drive new technology commercialization.

在利潤率方面，由於更高的設備組合以及我們在 CTS 和 IAM 增長領域的研發支出增加以推動新技術商業化，我們預計 2023 年營業收入利潤率將小幅下降。

Finally, in Digital Solutions, orders for the quarter were $547 million, up 5% year-over-year. We saw improvements in oil and gas and transportation end markets, partially offset by lower power and industrial orders. Sequentially, orders were down 10%, with all end markets lower.

最後，在數字解決方案方面，本季度的訂單為 5.47 億美元，同比增長 5%。我們看到石油和天然氣以及運輸終端市場有所改善，部分被電力和工業訂單下降所抵消。隨後，訂單下降了 10%，所有終端市場均走低。

Revenue for the quarter was $528 million, up 4% year-over-year driven by higher volumes across all Digital Solutions product lines. Sequentially, revenue was up 1% driven by higher volume in Nexus Controls and PSI, partially offset by lower volume in Bently Nevada.

本季度收入為 5.28 億美元，同比增長 4%，這得益於所有數字解決方案產品線的銷量增長。隨後，由於 Nexus Controls 和 PSI 的銷量增加，收入增長了 1%，部分被本特利內華達州的銷量下降所抵消。

Operating income for the quarter was $20 million, down 22% year-over-year largely driven by lower cost productivity and cost inflation as we continue to work through electronic shortages, partially offset by higher volume. Sequentially, operating income was up 11% driven by higher volumes. For the fourth quarter, we expect to see strong sequential revenue growth and a strong increase in operating margin rates.

本季度的營業收入為 2,000 萬美元，同比下降 22%，這主要是由於我們繼續解決電子短缺問題，導致成本生產率下降和成本膨脹，部分被銷量增加所抵消。隨後，由於銷量增加，營業收入增長了 11%。對於第四季度，我們預計將看到強勁的連續收入增長和營業利潤率的強勁增長。

Looking into 2023, we expect DS revenues to increase mid-single digits, which assumes revenue growth from backlog conversion improvements as chip shortages ease and energy markets remain robust. This will be partially offset by expected declines across all our industrial businesses due to likely global economic weakness. We expect these volume increases to drive solid growth in operating margins.

展望 2023 年，我們預計 DS 收入將增長中個位數，這假設隨著芯片短缺的緩解和能源市場保持強勁，積壓轉換改進帶來的收入增長。由於全球經濟可能疲軟，這將被我們所有工業業務的預期下滑部分抵消。我們預計這些銷量的增加將推動營業利潤率的穩健增長。

Lastly, and before we move to Q&A, I would like to thank Lorenzo and the Baker Hughes team for all their support over the years. This company has come a long way since the merger with GE Oil & Gas and is in great financial condition with a strong balance sheet and outstanding finance team. Baker Hughes is well positioned to execute on the continued transformation into a leading energy technology company. It has been a pleasure to work with all of you.

最後，在我們進行問答之前，我要感謝 Lorenzo 和貝克休斯團隊多年來的所有支持。自與 GE 油氣公司合併以來，這家公司已經取得了長足的進步，財務狀況良好，擁有強大的資產負債表和出色的財務團隊。貝克休斯有能力繼續轉型為領先的能源技術公司。很高興與大家一起工作。

With that, I will turn the call back over to Jud.

有了這個，我會把電話轉回給 Jud。

Thanks, Brian. Operator, let's open the call for questions.

謝謝，布賴恩。接線員，讓我們打開問題的電話。

(Operator Instructions) And our first question comes from James West from Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 James West。

And Brian, as a fellow Tar Heel, sad to see you depart Baker Hughes. Thanks for all your help and hard work all these last several years putting the companies together.

布賴恩，作為焦油腳跟的同事，很遺憾看到你離開貝克休斯。感謝您在過去幾年中為將公司團結在一起所付出的所有幫助和辛勤工作。

Yes. Great. Thanks, James. And I'll see you down in Chapel Hill at the Dean Dome.

是的。偉大的。謝謝，詹姆斯。我會在教堂山的迪恩圓頂見你。

Exactly. Perfect. Looking forward to it. So Lorenzo, curious as we think about the cycle here, obviously, there's a bit of uncertainty in the market, but oil and gas hasn't seen much of a capital formation cycle.

確切地。完美的。期待它。所以洛倫佐，我們對這裡的周期感到好奇，顯然，市場存在一些不確定性，但石油和天然氣並沒有看到太多的資本形成周期。

And so it looks to me like we're in for several years of significant growth particularly in the international and the offshore markets, as you highlighted in your prepared remarks. I wonder if you could expand a little bit further on that and kind of where your customer conversations, your customer activity, what you're seeing there in terms of the outlook as we go into '23 and beyond?

因此，正如您在準備好的講話中所強調的那樣，在我看來，我們正在經歷幾年的顯著增長，特別是在國際和離岸市場。我想知道您是否可以進一步擴展您的客戶對話、客戶活動以及您在 23 年及以後的前景方面看到的內容？

Yes. Sure, James. And as I mentioned in the pre-prepared remarks, overall outlook is constructive. And it's definitely not free from volatility and challenges as you've seen in the continued supply chain constraints and likely global economic weakness in the broader industrial activity.

是的。當然，詹姆斯。正如我在預先準備好的評論中提到的那樣，總體前景是建設性的。正如您在持續的供應鏈限制和更廣泛的工業活動中可能出現的全球經濟疲軟中所看到的那樣，它絕對不會沒有波動和挑戰。

But as you look at Baker Hughes, as an energy technology company, we feel we're very well positioned going into 2023. And as you look at the 2 reporting segments, let's maybe kick off where you started.

但是當你看到貝克休斯，作為一家能源技術公司，我們覺得我們在進入 2023 年時處於非常有利的位置。當你看到兩個報告部分時，讓我們從你開始的地方開始吧。

On the Oilfield Services and Equipment, again, we see a multiyear upturn in global upstream spending and double-digit upstream spending growth in 2023. As you look at offshore, as you look at the international market, we've seen Latin America come back, again, the Middle East with Saudi as well as UAE. So we feel good that it is a multiyear upstream uptick as we go forward.

在油田服務和設備領域，我們再次看到全球上游支出持續多年回升，2023 年上游支出實現兩位數增長。從海外市場和國際市場來看，我們已經看到拉丁美洲捲土重來再次，中東與沙特和阿聯酋。所以我們感覺很好，隨著我們的前進，這是一個多年的上游上升。

And then as you look at the industrial and energy technology, we continue to see the LNG up cycle. We've mentioned before the 100 to 150 MTPA over the next 2 years. CTS remains on track to generate $8 billion to $9 billion in orders in 2022 and 2023.

然後，當您查看工業和能源技術時，我們將繼續看到液化天然氣的上升週期。我們之前提到過未來 2 年 100 到 150 MTPA。 CTS 仍有望在 2022 年和 2023 年產生 80 億至 90 億美元的訂單。

And as you look at some of the news, recent regulations on the new energy front, we see policy movements in Europe and the U.S.A. that are likely to help support the -- and accelerate some of the clean energy development. So again, market from an energy technology perspective is constructive.

當你看到一些新聞，最近關於新能源前沿的法規時，我們看到歐洲和美國的政策運動可能有助於支持 - 並加速一些清潔能源的發展。同樣，從能源技術的角度來看，市場是建設性的。

And then our announced restructuring provides at least $150 million of cost out. It sharpens our focus, improves operational execution and better positions us to capitalize on the quickly changing energy market. So heading into '23, while we're preparing for the volatility, we're confident we can navigate these and we've got the market backdrop.

然後我們宣布的重組提供了至少 1.5 億美元的成本支出。它使我們更加專注，提高了運營執行力，使我們能夠更好地利用瞬息萬變的能源市場。因此，進入 23 年，在我們為波動做準備的同時，我們有信心能夠駕馭這些波動，並且我們已經掌握了市場背景。

Okay. That's great. And maybe if I could dig in, just a follow-up on the clean energy side. I know you and I in the past have kind of debated hydrogen versus CCUS and kind of how that would play out. Does the IRA bill and the significant benefits for both, quite frankly, change? And if you're thinking on kind of the time lines for both carbon capture and for hydrogen or green hydrogen and the development of those 2 markets.

好的。那太棒了。也許如果我能深入研究，只是清潔能源方面的後續行動。我知道你和我過去曾爭論過氫與 CCUS 以及這將如何發揮作用。坦率地說，愛爾蘭共和軍法案和兩者的重大利益是否會發生變化？如果你正在考慮碳捕獲和氫或綠色氫的時間表以及這兩個市場的發展。

Yes. Sure, James. And as you look at the Inflation Reduction Act, also in conjunction with the earlier past investment and Infrastructure Jobs Act, it provides significant investments and incentives for the deployment of critical decarbonization technologies.

是的。當然，詹姆斯。當您查看《減少通貨膨脹法》時，它還與過去的《投資和基礎設施就業法》相結合，為關鍵脫碳技術的部署提供了大量投資和激勵措施。

We think that, again, it will be particularly positive for green hydrogen, CCUS and direct air capture. You mentioned on hydrogen, and the act establishes a new production tax credit for $3 per kilogram from green hydrogen, and blue gets up to $1 per kilogram.

我們認為，這對於綠色氫、CCUS 和直接空氣捕獲將特別有利。你提到了氫氣，該法案規定了綠色氫氣每公斤 3 美元的新生產稅收抵免，而藍色氫氣最高可達每公斤 1 美元。

So we think that these tax credits will be a significant factor in attracting capital. And I can tell you that customer discussions have actually intensified since the passing of the Inflation Reduction Act. And we see a number of projects that are looking to see how they proceed.

因此，我們認為這些稅收抵免將成為吸引資本的重要因素。而且我可以告訴你，自《降低通脹法案》通過以來，客戶的討論實際上已經加劇了。我們看到許多項目正在尋求了解它們如何進行。

Likewise on carbon capture and also CCUS, the bill makes a meaningful improvement on what was already out there from the 45Q. It's increasing to $85 per metric ton for geologic storage and $180 per metric ton for direct air capture.

同樣在碳捕獲和 CCUS 方面，該法案對 45 季度以來已經存在的內容進行了有意義的改進。用於地質儲存的費用增加到每公噸 85 美元，用於直接空氣捕獲的費用增加到每公噸 180 美元。

So again, these advances, in particular, have seen more conversations around direct air capture. And as you know, we've got investments from a technology standpoint in that area, and we see increasing conversations with our customers.

因此，特別是這些進步，已經看到了更多關於直接空氣捕獲的對話。如您所知，我們從技術角度在該領域進行了投資，我們看到與客戶的對話越來越多。

So as we look at new energy, again, for 2022, we've already seen orders at $170 million. And we feel good that we're going to end at the $200 million or above for 2022.

因此，當我們再次關注 2022 年的新能源時，我們已經看到 1.7 億美元的訂單。我們感覺很好，我們將在 2022 年達到 2 億美元或以上。

And our next question comes from Chase Mulvehill from Bank of America.

我們的下一個問題來自美國銀行的 Chase Mulvehill。

Look, this is sad day. I really hate to see you go. I know I speak for everybody, and you're going to be deeply missed. I mean I know everybody at Baker, everybody on Wall Street. So really hate to see you leave. But hopefully, we can grab a drink or something before you get out of there.

看，這是悲傷的一天。我真的很討厭看到你走。我知道我代表每個人發言，你會被深深懷念。我的意思是我認識貝克的每個人，華爾街的每個人。所以真的很討厭看到你離開。但希望我們能在你離開那里之前喝一杯或喝點什麼。

Definitely, Chase.

當然，蔡斯。

Yes. I guess I will kick a question off and ask you about capital allocation. Obviously, you've kind of continued at the same pace of buybacks, about $265 million, in that range every quarter. You step into 2023, free cash flow conversion is going to get better.

是的。我想我會開始一個問題，問你關於資本配置的問題。顯然，您每個季度都在以相同的速度進行回購，大約 2.65 億美元。步入 2023 年，自由現金流轉換會變得更好。

Obviously, you look at the base business, it's going to continue to get better. So free cash flow could continue -- should continue to expand. And you should have some excess cash that you have to decide what to do with, whether it's special dividend, whether it's increasing the base dividend, whether it's continuing with the pace of buybacks. So how should we think about capital allocation as we kind of go forward?

顯然，你看看基礎業務，它會繼續變得更好。所以自由現金流可以繼續——應該繼續擴大。你應該有一些多餘的現金，你必須決定如何處理，是否是特別股息，是否增加基本股息，是否繼續回購的步伐。那麼，在我們前進的過程中，我們應該如何考慮資本配置呢？

Yes, Chase. Look, no real change in terms of how we think about financial policies and our philosophy here in terms of returning capital to shareholders. We are still committed to returning 60% to 80% of our free cash flow back to shareholders through both dividends and stock repurchases.

是的，蔡斯。看，就我們如何看待財務政策和我們在向股東返還資本方面的理念而言，並沒有真正的改變。我們仍致力於通過股息和股票回購將 60% 至 80% 的自由現金流返還給股東。

As you pointed out, we've had a healthy buyback program this year. We've already exceeded that level for this year in the first 9 months as we bought back about $727 million worth of shares, and there's more to come in the fourth quarter. And if you combine that with our annual dividend payout of about $735 million, we'll likely return over or around $1.5 billion or more to shareholders this year.

正如你所指出的，我們今年有一個健康的回購計劃。今年前 9 個月我們已經超過了這一水平，因為我們回購了價值約 7.27 億美元的股票，第四季度還會有更多。如果將其與我們每年約 7.35 億美元的股息支付相結合，我們今年可能會向股東返還超過或約 15 億美元或更多。

And as you pointed out, we've got a pretty strong track record since coming together and forming the new Baker Hughes in 2017. So look, right now, I see our stock as an attractive use of free cash flow, buying that back.

正如你所指出的，自 2017 年合併並組建新的貝克休斯以來，我們的業績記錄非常出色。所以，現在，我認為我們的股票是對自由現金流的一種有吸引力的用途，可以回購。

As you know, we have not increased the dividend in some time. And I think going forward, looking at a combination of dividend increases over time as well as a stable, consistent buyback program is the right way to think about it.

如您所知，我們已經有一段時間沒有增加股息了。而且我認為展望未來，考慮股息隨著時間的推移而增加以及穩定、一致的回購計劃是正確的思考方式。

Ultimately, I believe this is an attractive shareholder return policy. And you'll see us continue to use a combination and fluctuate the buyback really as we continue to generate strong free cash flow.

最終，我相信這是一個有吸引力的股東回報政策。你會看到我們繼續使用組合併波動回購，因為我們繼續產生強勁的自由現金流。

So we've listened to what investors have been saying and taking that feedback. And I think this combo is the right way forward for Baker Hughes, especially given the strength of the portfolio and our free cash flow generation in the past as well as what it looks like going forward.

因此，我們聽取了投資者的意見並聽取了反饋。我認為這種組合對貝克休斯來說是正確的前進方向，特別是考慮到投資組合的實力和我們過去產生的自由現金流以及未來的樣子。

All right. It makes sense. As a follow-up question, maybe this one is for Lorenzo. On the subsea business, the SPS business, obviously, Flexibles has been pretty strong. Maybe the subsea tree business has been maybe a little bit softer. Obviously, you've had a different strategy in the past of kind of potentially looking at alternatives for the business.

好的。這說得通。作為後續問題，也許這個問題是給 Lorenzo 的。在海底業務方面，SPS 業務顯然非常強大。也許海底樹木業務可能有點疲軟。顯然，您過去採用了不同的策略，即為業務尋找替代方案。

But you look at into the first half of next year to potentially announce a new strategy or ultimately, what you're going to do with this business. So when we think about this business and what you could potentially do with it, could you just lay out some of the options of kind of what's you're exploring and potential go-forward for this business?

但是你展望明年上半年可能會宣布一項新戰略，或者最終你將如何處理這項業務。因此，當我們考慮這項業務以及您可以用它做什麼時，您能否列出一些您正在探索的選項以及該業務的潛在發展？

Yes. Sure, Chase. And as we've stated, we are doing a wholesale reevaluation of our SPS business, which is underway. We've already identified multiple facility rationalization opportunities. We feel increasingly confident about our ability to improve the profitability in this business.

是的。當然，蔡斯。正如我們所說，我們正在對我們的 SPS 業務進行全面重新評估，該業務正在進行中。我們已經確定了多個設施合理化機會。我們對提高該業務盈利能力的能力越來越有信心。

And we're evaluating a range of options that includes a smaller, more focused strategy that could be a good balance for the 2 major other players. And we look to complete this analysis and update you at the first part of 2023. So feeling good about the progress. We've got the synergies that are clearly visible and looking to move to profitability.

我們正在評估一系列選項，其中包括一個更小、更集中的策略，這可能是其他兩個主要參與者的良好平衡。我們希望在 2023 年上半年完成這項分析並為您提供最新信息。所以對進展感覺良好。我們擁有清晰可見的協同效應，並希望實現盈利。

Yes. And Chase, the only thing I'll add here is just remember, there are multiple parts of this business. And we've got an incredibly strong, flexible pipe systems franchise here that's doing incredibly well with record orders sort of 2 quarters in a row.

是的。蔡斯，我在這裡唯一要補充的是，請記住，這項業務有多個部分。我們在這裡擁有非常強大、靈活的管道系統特許經營權，連續兩個季度的創紀錄訂單表現非常出色。

So it is a bifurcated strategy in the portfolio here. And I'm encouraged by what we're seeing so far with the changes that we've recently made. So look forward to updating you guys more as we start to execute a little more.

因此，這是投資組合中的一種分叉策略。到目前為止，我們最近所做的改變讓我感到鼓舞。因此，隨著我們開始執行更多操作，期待更多更新你們。

And our next question comes from Arun Jayaram from JPMorgan.

我們的下一個問題來自摩根大通的 Arun Jayaram。

Firstly, Brian, we wish you the best as you depart Baker Hughes, but we appreciate all the support you've provided to the sell-side over the years.

首先，Brian，我們祝您在離開貝克休斯時一切順利，但我們感謝您多年來為賣方提供的所有支持。

Great. Thanks, Arun.

偉大的。謝謝，阿倫。

A couple of questions. First, on the LNG side, you guys have recently talked about a dynamic where some of your services work was being pushed out by LNG customers just given the strength in global LNG prices.

幾個問題。首先，在液化天然氣方面，你們最近談到了一種動態，鑑於全球液化天然氣價格的強勢，液化天然氣客戶正在推動你們的一些服務工作。

I guess my first question is this lost revenue for Baker? Or is there perhaps a catch-up in terms of maintenance work in 2023? And perhaps, Lorenzo, could you frame the longer-term opportunity? As the installed base of LNG rises, what could this mean for Baker's services segment for LNG?

我想我的第一個問題是貝克的收入損失？還是在 2023 年的維護工作方面可能會趕上？或許，洛倫佐，你能構想出更長期的機會嗎？隨著液化天然氣裝機量的增加，這對貝克的液化天然氣服務部門意味著什麼？

Yes, Arun, I'll start out. We did start to see some pushouts in LNG as well as some of the transactional service outages as well, just given the higher commodity prices. And our customers obviously wanted to capitalize on that.

是的，阿倫，我要開始了。鑑於大宗商品價格上漲，我們確實開始看到液化天然氣的一些推出以及一些交易服務中斷。我們的客戶顯然希望利用這一點。

This is not lost revenue for Baker Hughes. If I look, everything that has started to push out, we'll see some of that coming in likely in the fourth quarter based on the schedules that I've seen. But largely, all of that will happen in 2023.

這並不是貝克休斯的收入損失。如果我看一下，所有已經開始推出的東西，根據我看到的時間表，我們可能會在第四季度看到其中的一些。但在很大程度上，所有這一切都將在 2023 年發生。

The big thing that we're working through with customers right now is will there be things in 2023 that likely push out a little bit. But look, it is not lost revenue and should be a tailwind for services going forward.

我們目前正在與客戶合作的一件大事是，2023 年可能會有一些事情發生。但是看，這不是收入損失，應該是未來服務的順風。

I mean look, I would anticipate sitting here today that there should be elevated services revenues in 2023 as operators do look to catch up on the maintenance. And just to add, look, for CSAs, it's generally a 3- to 6-month window that they can move things around contractually.

我的意思是看，我預計今天坐在這裡，由於運營商確實希望趕上維護，2023 年的服務收入應該會增加。只是補充一下，對於 CSA，通常是 3 到 6 個月的窗口，他們可以通過合同來轉移東西。

As you know, we have guarantees associated with those. So to keep those in place, there is a window there. On the transactional side, they have a little more flexibility, but it is a bit of a risk in terms of running things in excess of recommendations and those sorts of things.

如您所知，我們有與這些相關的保證。因此，為了保持這些位置，那裡有一扇窗戶。在事務方面，他們有更多的靈活性，但在運行超過建議和這類事情的事情方面有點風險。

So in the past, I've actually seen when those types of service things get pushed out where we actually get more revenue because unexpected things happen. So again, this is a longer-cycle business, and what I see here is revenue definitely coming in and not lost revenue. And then I'll let Lorenzo comment on the longer-term outlook with the massive increase in installed base that we're seeing.

所以在過去，我實際上已經看到，當這些類型的服務被推出時，我們實際上獲得了更多收入，因為發生了意想不到的事情。再說一遍，這是一個週期較長的業務，我在這裡看到的是收入肯定會進來，而不是收入損失。然後，我將讓 Lorenzo 評論我們所看到的安裝基數大幅增加的長期前景。

Yes, Arun, as you look at the future, again, LNG outlook is positive. As I mentioned, the 100 to 150 MTPA of LNG FIDs over the course of the next 2 years, we're comfortable that, that's coming through and also see more pipeline of projects going into '24 and '25.

是的，阿倫，當你展望未來時，液化天然氣的前景再次樂觀。正如我所提到的，未來 2 年 100 至 150 MTPA 的液化天然氣 FID，我們對此感到滿意，這正在實現，並且還將看到更多的項目管道進入 24 年和 25 年。

Already this year, you've seen 31 MTPA LNG projects. You've seen us announce the Plaquemines, Cheniere, Corpus Christi. And because you look at the future, our installed base by 2025 goes up 35%. And that's good for the services. As Brian mentioned, that comes in after that. So an installed base growing and that's 2025 and beyond is positive for our business.

今年，您已經看到了 31 個 MTPA 液化天然氣項目。你已經看到我們宣布了 Plaquemines、Cheniere、Corpus Christi。而且因為您著眼於未來，我們的安裝基數到 2025 年將增長 35%。這對服務有好處。正如布賴恩所說，那是在那之後出現的。因此，2025 年及以後的安裝基礎不斷增長，這對我們的業務是積極的。

Great. Lorenzo, maybe a follow-up. You reiterated your 100 to 150 MTPA outlook over the next couple of years. You did mention how you're seeing some impacts from inflation and financing challenges, think about Driftwood. And so I just wanted to see if you could put that into context or do you expect some of the brownfield opportunities to offset some of these challenges we've seen?

偉大的。洛倫佐，也許是後續行動。您重申了未來幾年 100 到 150 MTPA 的前景。你確實提到了你如何看到通貨膨脹和融資挑戰的一些影響，想想漂流木。所以我只是想看看你是否可以把它放在上下文中，或者你是否期望一些棕地機會來抵消我們已經看到的這些挑戰？

Yes. Again, I would acknowledge that the environment has become more challenging, in particular, for some of the independent developers. As you mentioned, cost inflation, supply chain bottlenecks. And generally, I'd say we'd see the landscape may be shifting in favor of more established LNG players, those with the scale, diversity, financial strength and better placed to navigate the risks and uncertainties.

是的。我再次承認，環境變得更具挑戰性，特別是對於一些獨立開發人員而言。正如你提到的，成本膨脹，供應鏈瓶頸。總的來說，我會說我們會看到格局可能正在轉向更成熟的液化天然氣參與者，這些參與者俱有規模、多樣性、財務實力，並且能夠更好地應對風險和不確定性。

Also brownfield projects and projects that utilize the faster-to-market design are particularly advantaged in the coming years. So it is plausible that some projects change pace, the build cycle becomes more smoother and more prolonged. But again, I feel confident in the 100 to 150 MTPA over the course of the next 2 years.

此外，在未來幾年內，利用更快上市設計的棕地項目和項目尤其具有優勢。因此，一些項目改變節奏，構建週期變得更加順暢和延長是合理的。但同樣，我對未來 2 年 100 到 150 MTPA 充滿信心。

And our next question comes from Marc Bianchi from Cowen.

我們的下一個問題來自 Cowen 的 Marc Bianchi。

I wanted to start with digital and get a better understanding of where you see those margins going. If we can get -- it looks like maybe revenues getting back to that $600 million level here in the fourth quarter, and perhaps margins are still quite a bit below where they were if we go back a couple of years. What do you think is needed to get those margins back to where they were in 2019? And kind of how likely is that in '23?

我想從數字化開始，更好地了解你看到這些利潤的去向。如果我們能得到 - 看起來第四季度的收入可能會回到 6 億美元的水平，如果我們回到幾年前，利潤率可能仍然遠低於他們的水平。您認為需要什麼才能使這些利潤率回到 2019 年的水平？ 23 年的可能性有多大？

Yes. Marc, I'd say if I look specifically into 2023, I would expect DS revenues to increase in the mid-single-digit range, which assumes revenue growth from backlog conversion improvements as we start to see some of the chip shortages ease and energy markets remain robust.

是的。馬克，我想說，如果我特別關注 2023 年，我預計 DS 收入將在中個位數範圍內增長，這假設收入增長來自積壓轉換改進，因為我們開始看到一些芯片短缺的緩解和能源市場依然強勁。

I do think we may see a bit of a pullback in terms of orders and revenue from some of the industrial businesses due to the likely economic weakness. So balancing all of that, I don't see the margins getting back to those '19 levels next year, just given the level of conversion that we'll have and the level of output.

我確實認為，由於可能的經濟疲軟，我們可能會看到一些工業企業的訂單和收入有所回落。所以平衡所有這一切，我認為明年利潤率不會回到 19 年的水平，只要考慮到我們將擁有的轉換水平和產出水平。

I mean look, while electronics are stabilized right now, I don't see them getting markedly better next year. So we're going to be hampered probably by output. And that obviously impacts cost absorption and the ability to drive margin growth there.

我的意思是看，雖然電子產品現在已經穩定下來，但我認為明年它們不會明顯好轉。所以我們可能會受到輸出的阻礙。這顯然會影響成本吸收和推動利潤增長的能力。

We are doing a lot on the cost side to continue to take costs out. But there is no reason that this business should not be back to those levels or higher once we get some of these supply chain issues completely behind us.

我們在成本方面做了很多工作，以繼續降低成本。但是，一旦我們將其中一些供應鏈問題完全拋在腦後，這項業務就沒有理由不回到那些水平或更高的水平。

So the long-term outlook is still pretty good. But right now, it is a supply chain story in terms of being able to get the electronics and the chips through so we can get output.

所以長期前景還是不錯的。但就目前而言，這是一個供應鏈故事，能夠讓電子產品和芯片通過，以便我們獲得產出。

The one thing I will say, and Lorenzo highlighted this when he talked about it, we have worked on a lot of things to redesign. We've done engineering programs. We are resourcing from new suppliers. So everything that's within our control, I have to give the team credit, they've been executing on. And as the global demand situation changes, I think you'll see some improvement there.

我要說的一件事，洛倫佐在談到它時強調了這一點，我們已經做了很多事情來重新設計。我們已經完成了工程項目。我們正在從新的供應商那裡採購資源。所以一切都在我們的控制範圍內，我必須讚揚團隊，他們一直在執行。隨著全球需求形勢的變化，我認為你會看到一些改善。

Okay. Super. And I'll just echo what others have said, Brian. Thank you so much for your time. We're going to miss you.

好的。極好的。布賴恩，我只是回應其他人所說的話。非常感謝您的參與。我們會想念你的。

Thanks, Marc.

謝謝，馬克。

You bet. Next question for Lorenzo. You announced this power gen acquisition from BRUSH. I'm just curious, you mentioned in the prepared remarks in the press release, like how should we think about the contribution from that business in '23 and '24? And then sort of what's the longer-term opportunity?

你打賭。 Lorenzo 的下一個問題。您宣布從 BRUSH 收購發電。我只是好奇，您在新聞稿中準備好的評論中提到，我們應該如何看待該業務在 23 和 24 年的貢獻？那麼長期的機會是什麼？

Yes. Look, we are very excited to bring BRUSH into the Baker Hughes portfolio. And we see it playing an important role as it enhances our electromechanical capabilities within industrial and energy technology.

是的。看，我們很高興將 BRUSH 帶入貝克休斯的產品組合。我們認為它發揮了重要作用，因為它增強了我們在工業和能源技術中的機電能力。

If you look at BRUSH, it's been a trusted supplier for many years. It's provided us with significant portion of the electric motors that we procure for various applications. And we see electrification playing a critical role in the decarbonizing process within the upstream oil and gas sector as well as industrial sector. So it's going to be an important part of the value chain that we wanted to address.

如果您看看 BRUSH，它多年來一直是值得信賴的供應商。它為我們提供了我們為各種應用採購的大部分電動機。我們看到電氣化在上游石油和天然氣部門以及工業部門的脫碳過程中發揮著關鍵作用。因此，它將成為我們想要解決的價值鏈的重要組成部分。

Now that BRUSH is in-house, we can work together to shape the next generation of electric motors. You look at the specific applications of oil and gas, power supply, eLNG, distributed power and long also duration energy storage. So if we've got a holistic view of solutions across the LNG spectrum covered from the technology perspective and BRUSH adds to that, and it's got facilities located in U.K., Czech Republic, Netherlands. And it's going to allow us to leverage its presence in Eastern Europe to continue diversifying as well. So feel good about the future elements and its contributions to the company.

現在 BRUSH 在內部，我們可以共同打造下一代電動馬達。您將了解石油和天然氣、電力供應、eLNG、分佈式電力和長期儲能的具體應用。因此，如果我們從技術角度對整個 LNG 範圍內的解決方案有一個整體的看法，並且 BRUSH 對此進行了補充，它在英國、捷克共和國和荷蘭都有設施。這將使我們能夠利用其在東歐的影響力來繼續多元化。所以對未來的元素及其對公司的貢獻感覺良好。

Yes. And I say specifically looking at 2023, Marc, I would expect revenue should be around the $200 million mark. And if I look at EBITDA, it's probably in the $40 million to $50 million range.

是的。我說，特別是 2023 年，Marc，我預計收入應該在 2 億美元左右。如果我看一下 EBITDA，它可能在 4000 萬美元到 5000 萬美元之間。

But remember, the first year of an acquisition, you've got integration costs as well as some increased amortization and depreciation in there. So that level is probably going to be in the $35 million to $40 million range.

但請記住，在收購的第一年，您會產生整合成本以及一些增加的攤銷和折舊。所以這個水平可能會在 3500 萬到 4000 萬美元之間。

So you're looking at the operating income level relatively small but definitely some strong EBITDA. And once you get through the integration and some of those early purchase accounting things, you have some very nice margins coming through this. So we're really excited to have this technology in-house now.

因此，您看到的營業收入水平相對較小，但絕對是一些強勁的 EBITDA。一旦你完成了整合和一些早期的採購會計工作，你就會有一些非常可觀的利潤。因此，我們現在非常高興能夠在內部擁有這項技術。

And our next question comes from Neil Mehta from Goldman Sachs.

我們的下一個問題來自高盛的 Neil Mehta。

Brian, it's been a pleasure working with you here. The first question is more modeling-specific. You've provided different components of 4Q guidance by segment, but I thought it would be helpful if you could put it all together and go segment by segment and help us think through key modeling components as we think about the sequentials into next quarter.

布萊恩，很高興在這裡與你合作。第一個問題是更具體的建模問題。您已按細分市場提供了 4Q 指導的不同組成部分，但我認為如果您能將它們放在一起並逐個細分市場並幫助我們在考慮下一季度的序列時考慮關鍵建模組件，將會很有幫助。

Yes. If I take a step back and look at the fourth quarter overall, starting with OFS. International would expect some pretty strong growth prospects for fourth quarter. North America, I'd say activity is leveling off here towards the end of the year. And that should really result in solid sequential increase from a revenue standpoint, I'd say, in the mid-single-digit range.

是的。如果我退後一步，看看整個第四季度，從 OFS 開始。國際預計第四季度會有相當強勁的增長前景。北美，我想說今年年底這裡的活動趨於平穩。從收入的角度來看，這確實應該導致穩健的連續增長，我會說，在中個位數範圍內。

And look, as I said, EBITDA margin rates should be between 19% and 20%. And the only reason they're not firm at the 20% is just the timing of the sale of the Russia business, which we expect to happen within the quarter and the timing of that and how that plays out, Neil, will be the swing there.

正如我所說，EBITDA 利潤率應該在 19% 到 20% 之間。他們不堅定 20% 的唯一原因只是出售俄羅斯業務的時機，我們預計這將在本季度內發生，而且時機和結果如何，尼爾，將是搖擺那裡。

But look, Maria Claudia and the team have done an outstanding job and clearly have line of sight to that 20%, especially as chemicals continues to improve as they have done in the last couple of quarters. On OFE, revenue will be flat to slightly higher sequentially based on what I see from a backlog conversion. We'll still be below breakeven levels due to the cost underabsorption given the suspension of the contracts that we talked about, primarily really in Russia that have come through.

但是看，Maria Claudia 和團隊做得非常出色，並且顯然已經看到了 20%，尤其是在化學品繼續改進的情況下，正如他們在過去幾個季度所做的那樣。根據我從積壓轉換中看到的情況，在 OFE 上，收入將按順序持平至略高。鑑於我們談到的合同暫停，主要是在俄羅斯已經通過的合同暫停，由於成本吸收不足，我們仍將低於盈虧平衡水平。

Switching gears a little bit. Turbo, given where we are from an equipment conversion standpoint, I would expect revenues to be up double digit in the fourth quarter on a year-over-year basis. And services should show strength as well.

稍微切換一下檔位。 Turbo，考慮到我們從設備轉換的角度來看，我預計第四季度的收入將同比增長兩位數。服務也應該表現出實力。

But margin rates will likely be modestly lower on a year-over-year basis due to the higher equipment mix that we talked about compared to the fourth quarter of 2021. And then Digital Solutions, look, we've been growing backlog in that business, and you heard me talking to Marc's question there.

但由於與 2021 年第四季度相比，我們談到了更高的設備組合，利潤率可能會同比略有下降。然後是數字解決方案，看，我們一直在增加該業務的積壓，你聽到我在那裡與馬克的問題交談。

I would expect to see strong sequential revenue growth given the backlog and what we see coming through here and operating income, a strong increase in operating margin rate. So adding all of that up and the moving pieces, it looks to be in line with how folks are thinking about the quarter from an overall standpoint and based on what I see out there today. So no real significant change here, but a lot of moving pieces that the team is managing and getting through.

鑑於積壓以及我們在這裡看到的情況以及營業收入，營業利潤率的強勁增長，我預計會看到強勁的連續收入增長。因此，將所有這些和移動部分相加，它看起來與人們從整體角度考慮本季度的方式以及基於我今天所看到的情況一致。因此，這裡沒有真正的重大變化，但團隊正在管理和完成許多移動部分。

Yes. That was super, super helpful. The only other question I had was just around FX. Maybe you could just talk about what's the move in the euro has meant for the business? And just how sensitize the model to changes in FX as well?

是的。那太棒了，超級有幫助。我唯一的另一個問題是關於 FX。也許你可以談談歐元的走勢對企業意味著什麼？以及模型對 FX 變化的敏感程度如何？

Yes. Look, I mean, I think what we've seen recently, I think we'll all agree that the change in the euro exchange rate, we haven't seen anything like that in a long time. And look, if I take a step back and look at it from a revenue standpoint, the year-over-year impact was about $200 million and -- roughly $200 million of year-over-year revenue pressure. And the bulk of that was in Turbomachinery at about $120 million. Sequentially in turbo, it was around $50 million or so.

是的。看，我的意思是，我認為我們最近看到的，我想我們都會同意歐元匯率的變化，我們很長時間沒有看到這樣的事情了。看看，如果我退後一步，從收入的角度來看，同比影響約為 2 億美元，而且 - 同比收入壓力約為 2 億美元。其中大部分來自渦輪機械，價值約 1.2 億美元。依次在渦輪增壓中，它大約是 5000 萬美元左右。

So that gives you perspective on the top line. And from a translation standpoint, obviously, you have lower income in euros, so you have lower income in dollars coming from that. But remember, we do hedge economically. And some of those hedges are actually -- those hedges were in the money just given where everything moves.

這樣一來，您就可以了解頂線。從翻譯的角度來看，很明顯，您的歐元收入較低，因此您的美元收入也較低。但請記住，我們確實在經濟上對沖。其中一些對沖實際上是 - 這些對沖是在一切都在移動的地方剛剛給出的錢。

So the net impact at the overall Baker level is much less than that. But you will see some potential choppiness in the segment results as FX does move around, but largely manageable at the bottom line. You see the bigger impact in revenue.

因此，整體貝克水平的淨影響遠小於此。但是，隨著 FX 的變動，您會看到細分結果中的一些潛在波動，但在很大程度上是可以控制的。您會看到對收入的更大影響。

And our next question comes from Dave Anderson from Barclays.

我們的下一個問題來自巴克萊的戴夫安德森。

So in the release, you mentioned the 2 fast track LNG projects for New Fortress. You've also been supplying modular compressor trains to Venture Global. So I'm just wondering, it would seem that your technology aside from any kind of financial considerations of your customers, but I would think this technology could enable a larger build-out or at least a quicker build-out of LNG liquefaction.

所以在發布中，您提到了 New Fortress 的 2 個快速通道 LNG 項目。您還一直在為 Venture Global 提供模塊化壓縮機組。所以我只是想知道，您的技術似乎除了對客戶的任何財務考慮之外，但我認為這項技術可以實現更大的擴建或至少更快地擴建液化天然氣液化。

You've talked about the 100 to 150 and the overall 800 million ton per annum figure for ultimate size. So my question is, do smaller, faster LNG trains potentially push that number higher? I mean presumably we're thinking '24, '25. But could you just talk about how that market could potentially change in your favor?

您已經談到了 100 到 150 和每年 8 億噸的最終規模。所以我的問題是，更小、更快的 LNG 列車是否可能會推高這個數字？我的意思是大概我們正在考慮'24，'25。但是你能談談這個市場如何可能對你有利嗎？

Yes, definitely, Dave. And again, I mentioned, we feel good about the LNG outlook. And we stated 100 to 150. And also mentioned that as you look at projects going forward, brownfield projects as well as those that utilize the faster-to-market modular design are likely to be particularly advantaged in the coming years.

是的，當然，戴夫。我再次提到，我們對液化天然氣的前景感到滿意。我們說的是 100 到 150。並且還提到，當您展望未來的項目時，棕地項目以及利用更快上市的模塊化設計的項目在未來幾年可能會特別具有優勢。

As we look at it, we've always said we're going to have a complete solution offering for LNG. And definitely, the aspect of Fast LNG and modular is gaining traction right now. And it could lead to more players coming into the field as you look at different gas reserves that are being found and also look to capitalize on those as the need for energy continues.

當我們看到它時，我們一直說我們將為液化天然氣提供完整的解決方案。毫無疑問，Fast LNG 和模塊化的方面正在獲得牽引力。當您查看正在發現的不同天然氣儲量並希望隨著能源需求的持續而利用這些儲量時，它可能會導致更多的參與者進入該領域。

I'd say right now, still the outlook is 800 million tons by 2030. I wouldn't go off that at this time, and we'll continue to monitor the situation.

我現在想說的是，到 2030 年的前景仍然是 8 億噸。我現在不會放棄，我們將繼續監測情況。

Yes, Dave, I would just add that I think having that in the portfolio is very helpful. And if you think about what Lorenzo mentioned, if it's fast, if it's modular, if it's stick build, if it's large frame, Baker Hughes has that in the solution set. So we're well positioned there.

是的，戴夫，我只想補充一點，我認為在投資組合中包含它非常有幫助。如果你想想洛倫佐提到的，如果它是快速的，如果它是模塊化的，如果它是棒構建的，如果它是大框架的，貝克休斯在解決方案集中都有。所以我們在那裡的位置很好。

And I think, ultimately, having the Fast LNG offering as well as the modular can certainly help alleviate some of the pressure you see in global markets and could ultimately lead to more demand. I think it's just kind of too early to call that right now just given the volatility we're seeing. But it's definitely, I think, a tailwind overall for Baker.

而且我認為，最終，擁有 Fast LNG 產品和模塊化產品肯定有助於緩解您在全球市場上看到的一些壓力，並最終可能導致更多需求。鑑於我們所看到的波動性，我認為現在說這個還為時過早。但我認為，這絕對是貝克的整體順風。

That's what I was getting at. And just sort of sticking on the equipment side. You also talked about the 26 compressor trains for the Jafurah Basin in Saudi. And if I also just kind of take into account the ADNOC Drilling relationship you have there, I was wondering if you could help us sort of understand Baker's opportunity in the Middle East on the equipment side versus the OFS side.

這就是我的意思。只是有點堅持設備方面。您還談到了沙特 Jafurah 盆地的 26 台壓縮機組。如果我也只是考慮到您在那裡的 ADNOC 鑽井關係，我想知道您是否可以幫助我們了解貝克在中東的設備方面與 OFS 方面的機會。

I normally would have thought the OFS would be still the bigger business and have the bigger growth prospects. But am I -- but where does equipment fit in there? Because I wouldn't have necessarily thought that would have been a huge business, but now you can kind of really start to see that growing alongside the OFS. So could you just frame that for us a little bit?

我通常會認為 OFS 仍將是更大的業務並具有更大的增長前景。但我是——但設備在哪裡適合？因為我不一定認為這會是一項巨大的業務，但現在你可以真正開始看到它與 OFS 一起成長。那麼你能不能稍微為我們構圖一下？

Yes. Dave, as you look at our equipment presence, again, we've got a long history in the Middle East, both in UAE and Saudi as well as other countries with regards to both offshore and onshore from a power generation and again, the compression standpoint. So again, we look at the prospects of that business being very positive going forward. And again, we like the positioning we have both sides of the business there, and both have considerable growth going forward.

是的。戴夫，當您再次查看我們的設備存在時，我們在中東擁有悠久的歷史，無論是在阿聯酋和沙特以及其他國家，無論是海上還是陸上發電，再一次，壓縮立場。因此，我們再次看到該業務的前景非常積極。再一次，我們喜歡雙方業務的定位，並且雙方都有相當大的增長。

And that was our last question. I would now like to turn the call back over to Lorenzo Simonelli for closing remarks.

這是我們的最後一個問題。我現在想將電話轉回洛倫佐·西蒙內利（Lorenzo Simonelli）的閉幕詞。

Great. Thank you to everyone for joining our earnings call today. Before we end the call, I wanted to leave you with some closing thoughts.

偉大的。感謝大家今天參加我們的財報電話會議。在我們結束通話之前，我想給你一些結束的想法。

Overall, we were pleased with our third quarter results with strong performance in OFS, TPS successfully managing multiple challenges and strong orders performance in both OFE and TPS. Baker Hughes continues to execute on our long-term strategy. And while we are preparing for a volatile environment, we are confident that we can navigate these challenges with the support from our recent corporate actions and our world-class team.

總體而言，我們對第三季度的業績感到滿意，在 OFS 和 TPS 方面表現出色，成功應對了多項挑戰，在 OFE 和 TPS 方面表現出色。貝克休斯繼續執行我們的長期戰略。雖然我們正在為動蕩的環境做準備，但我們有信心在我們最近的企業行動和世界級團隊的支持下應對這些挑戰。

I want to also, again, thank Brian for his leadership, support and friendship and wish him well in his future endeavors. I also look forward to welcoming Nancy to the Baker Hughes team on November 2.

我還要再次感謝布賴恩的領導、支持和友誼，並祝愿他在未來的工作中一切順利。我也期待著在 11 月 2 日歡迎南希加入貝克休斯團隊。

Thank you for taking the time, and I look forward to speaking with all of you again soon. Operator, you may now close out the call.

感謝您抽出寶貴時間，我期待很快再次與大家交談。接線員，您現在可以結束通話了。

Ladies and gentlemen, thank you for participating (inaudible) program. You may all disconnect. Everyone, have a great day.

女士們，先生們，感謝您參與（聽不清）計劃。你們都可以斷開連接。大家，有一個美好的一天。